International Bethlehem Obtains Option on Platinum Group Element Property
Near Thunder Bay, Ontario
November 27, 2008
West Vancouver, British Columbia â€" November 27, 2008 â€" International Bethlehem Mining Corp. (the â€śCompanyâ€ť) has entered into an option agreement (â€śOption Agreementâ€ť) with East West Resource Corporation of Thunder Bay, Ontario (â€śEast Westâ€ť) whereby the Company has been granted an option to earn an initial 30% interest in East Westâ€™s Eva Kitto platinum group element (â€śPGEâ€ť) property located north-northeast of Thunder Bay, Ontario (the â€śPropertyâ€ť). The Property consists of 15 staked claims with 197 claim units with an area of 3,059 hectares. In order to acquire its initial 30%, the Company is required to pay East West $20,000 and to spend $500,000 in exploration expenditures by November 3, 2009 ($150,000 of which will be spent in 2008). Under the Option Agreement, the Company also has the right to increase its interest in the Property up to 51%, 60% and 75%, respectively, by incurring additional exploration expenditures. The Property is subject to two separate royalties (3.5% NSR in total), of which 2% can be purchased for $2 million.
The Eva Kitto Property, located on the east side of Lake Nipigon near Beardmore, Ontario, covers a large circular â€śring-likeâ€ť ultramafic intrusion adjacent to north trending faults connected to the Mid Continent Rift structure in Lake Superior. This 10 km diameter ultramafic body has intruded sulphur bearing older sedimentary rocks which creates an ideal setting for nickel-copper-PGE (platinum group element) deposits of the â€śNorilâ€™skâ€ť type (the Norilâ€™sk-Talnakh deposits, located in Russia, are the largest nickel-copper palladium deposits in the world).
A showing of platinum-palladium mineralization has been located on the Property and follow-up drilling of this occurrence is planned before year end. In addition, a detailed helicopter borne VTEM and magnetic survey will be flown at 100 metre spacings to assist the Company in mapping the shape of the ultramafic intrusion in order to better locate sulphide zones.
Within the region of the Mid Continental Rift (with geological settings similar to the Eva Kitto Property), drilling is presently underway on the â€śSeagullâ€ť ultramafic intrusion to the west where Black Panther Mining Corp. is exploring for PGE. As well, Inco Vale hold claims to the north of Seagull and Ursa Major and Magma Metals are also exploring for PGE to the south of Seagull (see Magma Metalâ€™s news release of November 21, 2008 entitled â€śFurther Excellent Drilling Results From Thunder Bay Northâ€ť â€" www.magmametals.com.au).
The Eva Kitto Property is also well located relative to infrastructure, such as Hwy. 11, the railway, the town of Beardmore (within the municipality of Greenstone), and the Trans Canada gas line.
This news release has been reviewed and approved by Mr. Robert Middleton, P.Eng., Geophysicist, and is the Qualified Person for this project in accordance with regulations under the NI 43-101.
For further information, contact Mr. Clive Shallow, investor communications, at 604-922-2030 or visit the Companyâ€™s new website at www.bethlehemmining.com.
International Bethlehem Mining Corp.
â€śRonald A. Coombesâ€ť
Ronald A. Coombes, President & CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.